Survey Finds that Condo Buyers want Lifestyle as much as Real Estate
Tampa Real Estate
Orlando Homes for Sale
Survey finds that condo buyers want lifestyle as much as real estate
ORLANDO, Fla. – Feb. 8, 2007 – Nearly half of all condo buyers choose their new home without considering any other style of housing, according to a new survey by the National Association of Home Builders (NAHB). The survey found that a majority of condo buyers want a lifestyle as much as a home.
With lifestyle and affordability the top factors driving condo sales, most industry experts expect the condo market – which had reached nearly half of all multifamily starts in 2005 – to stabilize at a healthy and sustainable 30 percent of the approximately 350,000 multifamily units produced annually.
According to the survey, two groups of condo buyers drive the condo market: young, well-paid professional singles or couples who want to own their first home close to urban amenities; and older households who want to remain in the suburbs but shed the maintenance burden of a house. Both groups expect their condos to appreciate in value.
“The core buyers for our product are single, without children, who want a lifestyle that allows them to enjoy the amenities inherent in a downtown environment,” says Judd Bobilin, executive vice president and chief development officer of the Atlanta-based Novare Group, which currently has more than 5,000 condo units in development.
Bobilin noted that buyer traffic at his properties is comparable to the traffic the company saw in 2004, with sales continuing to average about five units per month. He also noted that the number of out-of-state purchasers at his properties has dropped to about 20 percent or less, an indication that buyers – not speculators – are currently driving today’s sales.
Bobilin’s customers, like the participants in the NAHB survey, identified price and location as the top two factors in their decision to buy a particular property, followed by size, desirable neighborhood and investment potential.
“This is the first research study that probes the question of where condo buyers buy, why they buy there, and what amenities they look for to complement their new lifestyle choice,” says Gopal Ahluwalia, NAHB’s staff vice president for research.
For the survey, NAHB used a random sample of 1,008 households that had purchased condos in the past, balanced among the four geographical regions of the country, representing the low, middle and high ends of the market.
© 2007 FLORIDA ASSOCIATION OF REALTORS®
Orlando Homes for Sale
Survey finds that condo buyers want lifestyle as much as real estate
ORLANDO, Fla. – Feb. 8, 2007 – Nearly half of all condo buyers choose their new home without considering any other style of housing, according to a new survey by the National Association of Home Builders (NAHB). The survey found that a majority of condo buyers want a lifestyle as much as a home.
With lifestyle and affordability the top factors driving condo sales, most industry experts expect the condo market – which had reached nearly half of all multifamily starts in 2005 – to stabilize at a healthy and sustainable 30 percent of the approximately 350,000 multifamily units produced annually.
According to the survey, two groups of condo buyers drive the condo market: young, well-paid professional singles or couples who want to own their first home close to urban amenities; and older households who want to remain in the suburbs but shed the maintenance burden of a house. Both groups expect their condos to appreciate in value.
“The core buyers for our product are single, without children, who want a lifestyle that allows them to enjoy the amenities inherent in a downtown environment,” says Judd Bobilin, executive vice president and chief development officer of the Atlanta-based Novare Group, which currently has more than 5,000 condo units in development.
Bobilin noted that buyer traffic at his properties is comparable to the traffic the company saw in 2004, with sales continuing to average about five units per month. He also noted that the number of out-of-state purchasers at his properties has dropped to about 20 percent or less, an indication that buyers – not speculators – are currently driving today’s sales.
Bobilin’s customers, like the participants in the NAHB survey, identified price and location as the top two factors in their decision to buy a particular property, followed by size, desirable neighborhood and investment potential.
“This is the first research study that probes the question of where condo buyers buy, why they buy there, and what amenities they look for to complement their new lifestyle choice,” says Gopal Ahluwalia, NAHB’s staff vice president for research.
For the survey, NAHB used a random sample of 1,008 households that had purchased condos in the past, balanced among the four geographical regions of the country, representing the low, middle and high ends of the market.
© 2007 FLORIDA ASSOCIATION OF REALTORS®
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